Inflation
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One Month of Falling Prices Won’t Restore Price Stability
June’s PCE report showed prices falling as energy prices retreated, but underlying inflation and nominal spending remain too strong.
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Standing Still as Inflation Runs Hot
Markets, monetary policy rules, and three Fed governors all pointed toward another rate increase. The committee chose to wait instead.
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Who Gets Rich from Innovation? Evidence from Broadband Expansion on the Colville Reservation
The biggest winners from new technologies are usually the people who use them, not the people who invent them.
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The Fed Is Expected to Hold Rates. The Rules Say It Shouldn’t
If the Fed leaves rates unchanged this week, the September meeting will take on added importance.
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Welcome to Trillionistan. Don’t Get Comfortable.
Not all trillions — debts, valuations, investments — are created equal. Huge nominal numbers often obscure the institutions and incentives that produced them.
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•
AIER Everyday Price Index Down Slightly After Spring Cost Surge
Our in-house inflation measure fell one percent, though core household expenses continue to climb. Post-surge relief from gasoline prices concealed smaller effects, buying the Fed some time.
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•
June Inflation Slowed as Energy Prices Fell
Markets sharply reduced the odds of a July rate increase after June CPI showed broad-based moderation in prices.
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•
The Fed Needs Independence, Not Immunity
Monetary policy deserves insulation from politics, but regulation and emergency lending powers may not. Can Congress and the Courts differentiate?
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Trump v. Cook Won’t Settle the Fed’s Independence Problem
Political pressure has made it harder to distinguish sound monetary policy from strategic posturing. Congress, not SCOTUS, is empowered to change that.
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Markets Bet on Warsh to Fight Inflation. Will the Fed Deliver?
Traders expect the Fed’s new chair to respond to accelerating inflation with higher rates. Credibility requires policy match the tough talk.
-
•
One Month of Falling Prices Won’t Restore Price Stability
June’s PCE report showed prices falling as energy prices retreated, but underlying inflation and nominal spending remain too strong.
-
•
Standing Still as Inflation Runs Hot
Markets, monetary policy rules, and three Fed governors all pointed toward another rate increase. The committee chose to wait instead.
-
•
Who Gets Rich from Innovation? Evidence from Broadband Expansion on the Colville Reservation
The biggest winners from new technologies are usually the people who use them, not the people who invent them.
-
•
The Fed Is Expected to Hold Rates. The Rules Say It Shouldn’t
If the Fed leaves rates unchanged this week, the September meeting will take on added importance.
-
•
Welcome to Trillionistan. Don’t Get Comfortable.
Not all trillions — debts, valuations, investments — are created equal. Huge nominal numbers often obscure the institutions and incentives that produced them.
-
•
AIER Everyday Price Index Down Slightly After Spring Cost Surge
Our in-house inflation measure fell one percent, though core household expenses continue to climb. Post-surge relief from gasoline prices concealed smaller effects, buying the Fed some time.
-
•
June Inflation Slowed as Energy Prices Fell
Markets sharply reduced the odds of a July rate increase after June CPI showed broad-based moderation in prices.
-
•
The Fed Needs Independence, Not Immunity
Monetary policy deserves insulation from politics, but regulation and emergency lending powers may not. Can Congress and the Courts differentiate?
-
•
Trump v. Cook Won’t Settle the Fed’s Independence Problem
Political pressure has made it harder to distinguish sound monetary policy from strategic posturing. Congress, not SCOTUS, is empowered to change that.
-
•
Markets Bet on Warsh to Fight Inflation. Will the Fed Deliver?
Traders expect the Fed’s new chair to respond to accelerating inflation with higher rates. Credibility requires policy match the tough talk.